CRI听力:Shanghai Set to Host Support Bank for BRICS Nations

The city of Shanghai is set to become the headquarters of a development bank being launched by the BRICS nations.

Brazil, Russia, India, China and South Africa are expected to sign off on the new institution later today, along with an emergency reserves fund.

The decision to have Shanghai as the headquarters has won strong backing from Russia.

The proposed bank will pool an initial 50 billion US dollars, with each country contributing an equal amount.

The BRICS will also set up a 100 billion contingency reserves fund that could help any of its members if they are hit by an exodus of foreign capital.

For more on Shanghai being tipped as the host city for the BRICS bank, I spoke earlier with He Ping, Associate Professor at Tsinghua School of Economics and Management.